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Digital non-bank lender MONEYME has expanded its Autopay secured car lending product to include private sales in a bid to target a market segment that accounts for more than half of used car sales in Australia.
The launch, which took effect on Tuesday (21 October), will expand Autopay beyond dealer sales, letting brokers reach customers purchasing vehicles from private sellers.
Autopay is MONEYME’s largest lending product, accounting for 59 per cent of its $1.6 billion loan book in financial year 2025 (FY25).
The car loan product lets borrowers access between $10,000 and $150,000, with repayments ranging from three to seven years.
MONEYME expects the change to drive originations growth, following a 54 per cent uplift in loan originations in FY25 and strengthen its position in secured car lending.
“The expansion of Autopay into the private sales market is an exciting next step in our strategy to diversify lending channels and leverage our technology advantage for growth,” MONEYME chief operations officer and chief product officer, Jonathan Wu, said.
Wu said MONEYME had overcome the traditional challenges of private-sale lending, such as seller validation and vehicle checks, through recent advancements in its digital verification and automation.
“We’ve removed much of the manual work typically involved in private sale deals, with loan approval and settlement possible in minutes. It’s another example of how we’re using technology to simplify complex processes and deliver better outcomes for brokers and their customers,” Wu said.
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